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January struck an upbeat tone for demolition in all sectors, but the overall pace of fleet renewal, via demolition, has slowed down since then.
The current strength in gas prices is having major ramifications for global energy markets. Record prices in Europe and Asia are forcing utility firms to look for alternative energy sources and have pushed some companies into bankruptcy. Many have been forced to burn more coal despite the environmental consequences, whilst oil-based fuels will also receive a demand boost in regions where oil fired power capacity still exists. With oil demand expected to find some support, could tankers finally receive the catalyst they have been longing for? The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The recent explosion at Philadelphia Energy Solutions’ (PES) 335,000 b/d Philly refinery has come at an opportune time for product tankers trading in the Atlantic, whilst the decision to permanently shut the facility will have longer term implications for product supplies into the US Atlantic Coast. The weekly tanker market report by Gibson Shipbrokers.
Geopolitical tensions have now eased, leaving freight rates to feel the full effects of the weak underlying market and falling demand. Tanker shipping looks set to be under pressure for the rest of the year.
The oil market is notoriously linked to geopolitics. Most recently, the political situation in Venezuela creates turmoil in the region and particularly affects crude oil exports.
Overall, it’s noticeable that record numbers of fixtures and demand for tonnage only produce a short-lived spike at rather low altitudes – making little impact on stretched owners’ financial accounts. Ship owners without a solid cash balance and a strong, or at least sustainable, cash flow will find it increasing difficult to continue in this business at the present level and volatility.
During the first eight months of 2023, contracting of product tanker newbuilds hit a 10-year high, reaching 140 ships and 10.72 million deadweight tonnes (DWT). The last time more than 10 million DWT were contracted from January through August was in 2013.
2018 has been a horrible year for product tanker owners, with sale and leasebacks being necessary for many to provide a financial bridge to better times. Many are pinning their hopes on 2020; which, as we have written in the past is expected to be supportive for product tankers. However, many are also hoping that new refinery developments will offer a further boost to tonne mile demand, similar to what was seen from 2014-2016. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
Guidelines applicable for all laden oil tankers and to tankers carrying liquid chemicals in bulk when proceeding through an active Ice Control Zone in Eastern Canadian waters and fishing zones south of 60° North.
